HOPP Media Coverage

 

Solicitors Regulation Authority

Review of SRA client financial protection arrangements (Sept 2010) 

http://www.sra.org.uk/reports/ (Page 50/189 of full report)

It is also possible that the insurance market would innovate to develop insurance products aimed directly at consumers. One such example of this is the Home Owners' Protection Policy (HOPP). HOPP is similar to a Canadian scheme introduced in 1995. The idea behind this is that consumers purchase insurance themselves

Mortgage Finance Gazette

Stemming the fraud epidemic (10/09/2010)

http://viewer.zmags.com/publication/ccafc8f8#/ccafc8f8/8

The problem of mortgage fraud, which is one of the many reasons for a sharp increase in  Solicitors' PII claims, is certainly not limited to the UK alone and it is instructive to look at how other countries tackle this issue. In Canada and Australia, conveyancers and lenders often insist on insurance to cover the majority of legal ownership and mortgage security risks. The results in Canada have been outstanding, leading to lower and stable PII premiums. This is why First Title has launched a new insurance product, the HOPP, which is designed to protect the homeowner on a "no fault" basis and which includes coverage not only for all mortgage fraud, but also for issues of title and seller misrepresentation for the duration of the ownership of the property.

Property Line

Looking for ways to solve the PII problem (10/09/2010)

http://www.thesolicitorsgroup.co.uk/News/Article.aspx?ArticleID=804514d9-2f55-42b9-b593-0d911e708604

Firms involved in conveyancing face a potentially very costly PII renewal season. For some, the burden may even see them having to shut up shop altogether. PII premium seem to be increasing by around 20% with some firms experiencing increases of 100%. One of the major conveyancing risks contributing to the PII problem is mortgage fraud, which is likely to cost at least £1bn in the UK in 2010. First Title's contribution to addressing the problem is the launch of the HOPP designed to de-risk the conveyancng process. The example of Canada, where similar reforms quickly produced a better system of client risk management and a sustainable, stable PII market is one to consider.

Law Society Gazette

Phillip Oldcorn, director at First Title plc, comments on Charles Futcher's article entitled The SRA must amend the Code of Conduct or law firms will close: "The issue is how do we fix the underlying system? Is the profession prepared to look at itself and undertake radical improvements in the best interests of its consumer and lender clients: and by doing so, put conveyancing back on a sustainable and profitable footing? Conveyancing professionals should embrace new ways of putting clients' interests first in a way that enhances and improves their risk profile."

Post Magazine

Solicitors' PI: The road to reform (22/09/2010)

http://www.postonline.co.uk/post/analysis/1734581/solicitors-pi-the-road-reform

In recent times, the solicitors' PI market has been travelling a difficult path. Indeed, the market continues to battle against rising premiums, problematic claims trends and regulatory pressures. It is inevitable that some law firms will suffer this year and may even face prohibitive costs or lack of cover. In the long term, it is clear that the problems that are specific to the solicitors' PI market must be addressed and that reform is essential. As Jenny Screech, legal professions manager for Zurich, asserts: "Reform is well overdue and needs to occur urgently if there is to be a sustainable market for the future."

New Law Journal

PII premium dip? (24/09/2010)

http://www.newlawjournal.co.uk/nlj/search/node/PII+premium+dip%3F

A new insurance policy that provides greater protection for home buyers and mortgage lenders than that offered by solicitor's professional indemnity (PII) is now available. This product will help to reduce PII premiums, which are currently at record levels. The breadth of risks the policy covers is "unheard of in the UK" giving consumers and lenders a much greater degree of security.

Mortgage Strategy

First Title launches home owner protection (28/09/2010)

http://www.mortgagestrategy.co.uk/protection/first-title-launches-home-owner-protection/1019236.article

First Title Insurance has launched the Home Owners' Protection Policy to provide solicitors with an effective tool to de-risk the process of house buying for their clients and mortgage-lenders. Risks covered by the HOPP include those that even the most diligent solicitor cannot guard such as fraud, seller misrepresentation, boundary disputes and lack of planning permissions and building regulation consents.

Insurance Daily

First Title introduces home buyer cover (29/09/2010)

http://www.insurancedaily.co.uk/2010/09/29/first-title-introduces-home-buyer-cover/

First Title Insurance has launched the HOPP, which can offset losses from a number of risks associated with buying, mortgaging or using a residential property. By shifting the burden of risk from the solicitor's professional indemnity insurance (PII) to the HOPP, this product can contribute significantly to the long-term stabilisation of the conveyancing market and PII premiums.

Todays Conveyancer

Home Owners' Protection Policy

http://www.todaysconveyancer.co.uk/news.php?viewStory=246

First Title have introduced a Home Owners' Protection Policy. It is for the residential market. It covers the client against matters the conveyancer might reasonably not have been able to discover or foresee.